Corn
Technicals (July)
July corn futures are firm in the early morning trade after and are just a few ticks away from trading above the previous day’s high, which hasn’t happened in the last seven sessions. Getting out above yesterday’s high of 444 1/4 would be a good achievement, but the more significant hurdle the Bulls want to get over comes in from 448-451. If the Bulls can achieve that we could see an extension back to the origin of the selloff which comes in from 460 1/4-463 1/2. Whether or not the strength can hold through the floor open will be the key. We’ve seen strength in the mornings several times during this last leg lower only to get sold into when we get more participation at the 8:30 open.
Bias: Neutral/Bullish
Resistance: 448-451****, 460 1/4-463 1/2***
Pivot: 444 1/4
Support: 433-436****
Soybeans
Technicals (July)
July soybeans tried to make a move higher yesterday morning but once again fell flat during the regular trading hours. The silver lining is that the selling seems to have slowed (knock on wood). Significant support remains intact from 1170-1175, that pocket represents the breakout point from the rally we saw in the first week of May. If the bulls fail to defend this pocket, we could see prices continue to slide lower towards the lows of the year from 1140-1145. On the resistance side of things, the Bulls want to see a close back above 1199 1/2-1204, which is both psychologically and technically significant.
Bias: Neutral
Resistance: 1220-1225***, 1232 1/4-1236 3/4***
Pivot: 1199 1/2-1204
Support: 1170-1175***, 1140-1145****
Wheat
Want to keep reading?
Subscribe to our daily Grain Express for daily insights into Soybeans, Wheat, and Corn technicals, including our proprietary trading levels, and actionable market bias.
https://bluelinefutures.com/2023-signup/?utm_source=Oliver-Sloup-
Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
